Peshawar: The Khyber Pakhtunkhwa (KP) cabinet on Tuesday approved several important projects, including the launch of the Rashakai Economic Zone, a new source reported.
The proposed facility is a joint venture between the China Road and Bridge Company (CRBC) and the provincial government. It will be set up near the Rashakai Interchange on motorway.
Information Minister Shaukat Yusufzai said that Rashakai is the first economic zone in Pakistan to become part of the multi-billion dollar economic corridor (CPEC) project.
He said that the project would bring investments worth USD 128 million, besides creating 200,000 jobs (50,000 direct and 150,000 indirect) for the people of KP.
The authorities concerned recently acquired 1,000 acres of land for the economic zone. Of the total area, the government has reserved 702 acres for establishing industrial units, whereas the remaining land would be utilised for residential accommodation and setting up other affiliated facilities.
The Chinese government will fund the construction of the economic zone, whereas the KP government will be responsible for providing the land.